Intel (INTC) stock jumps more than 5% after impressive earnings beat

Intel beat adjusted EPS by a long shot.stock has leaped back up to $27.65 in Friday's premarket after trouncing the Street on third-quarter earnings. Intel produced adjusted earnings per share of $0.59, which was near twice the $0.33 expected. GAAP EPS of $0.25 also beat consensus by 12 cents. Revenue of $15.

“To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future," said CEO Pat Gelsinger. However, any insightful chart watcher is going to point out that the most recent new low from October 11 through 13 found support around $24.69, which is lower than the $24.89 multi-year low stemming from August 24, 2015. The fact that INTC stock fell below this seven-year-old support level does not bode well for future price action. The truth is that despite talk of a Fed pivot, INTC may not have found its bottom.

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